Although insuring a luxury car is very similar to insuring a normal car, there is a marked difference in the price you have to pay. Over the last few years the cost of replacing stolen luxury cars or repairing damaged ones has risen dramatically, especially in countries targeted by organized crime. Insurers have responded by raising prices, so if you find, you’re not using your luxury car on a daily basis and it only comes out on Sundays or to see your aged aunt once in a while, you might like to let your insurer know.
Cars with a low mileage and driving record qualify for discounts when it comes to insurance. From an insurance company’s point of you, you are the model customer: your expensive investment sits safe and sound in your lock-up garage and when it does come out to play, you are only taking it for a short spin to a safe location. You might like to investigate your local prestige or luxury motor car club, as insurers often make special concessions to members of such clubs and good discounts are to be had.
Before handing over the keys to your garage, make sure they are also adequately insured, as they are responsible for the insurance whilst your vehicle is on their premises.
Classic versus New
The difference in the two types of garage lies mainly in the type of car and brands they deal with, but also in the fact that specialists looking after vintage or classic cars are usually smaller, independent firms. As independents, they are fiercely competitive and by shopping around for quotes one can cut down on costs.
Traditional dealerships looking after brands such as Lotus, Jaguar, Mercedes Benz or BMW will know that the consumer has little choice but to book their new or fairly new car into one of their local branches – this is often reflected in price.
With programmes such as the BBC’s Top Gear series as popular as ever, there’s little doubt dealerships and garages dealing in brand new luxury cars are here to stay for a while. Unless you are become a fan of vintage cars and trade in your new Porsche, you will have little choice but to use traditional dealerships and their services more than independent specialists.
Know Your Rights as a Consumer
Whether your car is a classic or luxury car or merely an old rust bucket barely making it across the garage’s threshold, your rights are the same. When you take your car to a garage for servicing or a repair, you are entering into a contract with the garage owner and the laws protecting your rights are the Supply of Goods and Services Act 1982 and the Sale and Supply of Goods to Consumers Regulations 2002.